Firmer Rand eyes R14.90/$
The rand was slightly firmer against the dollar at midday on Tuesday as traders awaited Finance Minister Pravin Gordhan’s budget speech on Wednesday.At 11.25am‚ the rand was at R15.1877 against the dollar from R15.1944 previously. It firmed to R15.1580 in late morning trade.Against the euro‚ the rand was at R16.6692 from R16.7609. It was at R21.4203 against the pound from R21.5033 previously.The euro was at $1.0997 from $1.1030 previously.Nedbank CIB analysts said the rand had experienced an encouraging consolidation over the past week. It broke below an interim resistance level of about R15.50/$ and was heading steadily toward a more bullish target of about R14.90/$.The analysts said that event risk this week was “remarkably high” and the rand was already in overbought territory in the short term. The bullish R14.90/$ corresponded with the previous ceiling across 2015 levels‚ as well as the 100-day simple moving average.“Even considering a positive budget‚ a lot of optimism is already priced in and the rand could run into resistance over the short term‚” they said. - TMG Digital/BDlive..
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